Naira remains stable at parallel market

The Naira on Thursday remained stable at the parallel market in Lagos, exchanging at N359.3 to the dollar.

The Pound Sterling and the Euro traded at N472 and N402, respectively.

At the Bureau De Change (BDC) window, the naira was sold at N360 to the dollar, while the Pound Sterling and the Euro traded at N472 and N402, respectively.

Trading at the investors window saw the naira closing at N361.09 to the dollar as market turnover stood at 121.15 million dollars.

Meanwhile, Prof Sheriffdeen Tella, a Senior Economist at the Olabisi Onabanjo University, Ago-Iwoye, Ogun, has attributed the current stability of the naira at the foreign exchange market to slow economic activity.

Tella noted that import businesses had drastically reduced as the business community awaited the take-off of the 2019 budget.